Watch These Palantir Price Levels After Stock’s Nasdaq 100 Inclusion

[Pelican Press 0]

This is the hidden content, please

• Sign In
• or
• Sign Up

Watch These Palantir Price Levels After Stock’s Nasdaq 100 Inclusion

Source: TradingView.com

Palantir shares are likely to be in the spotlight on Monday after the Nasdaq announced late Friday that the analytics software provider had been added to the Nasdaq 100 Index.

The stock has continued to trend sharply higher after breaking out from a cup and handle pattern, though the relative strength index cautions overbought conditions that could lead to near-term price fluctuations.

The measuring principle, which calculates the percentage change to the cup and handle’s “cup” and adds it to the pattern’s top trendline value, projects a bullish price target of $140.07.

Investors should watch key lower levels on Palantir’s chart at $45 and a zone of support between $33 and $29.

Palantir Technologies (PLTR) shares are likely to be in the spotlight on Monday after the Nasdaq announced late Friday that the analytics software provider, along with MicroStrategy (MSTR), and Axon Enterprise (AXON), had been

This is the hidden content, please

• Sign In
• or
• Sign Up

.

The stock’s inclusion into the

This is the hidden content, please

• Sign In
• or
• Sign Up

comes after it has more than quadrupled from the start of the year as of Friday’s close, boosted by growing demand for the software maker’s customizable

This is the hidden content, please

• Sign In
• or
• Sign Up

offerings. The company’s shares became eligible to join the index following a strategic move to the Nasdaq from the

This is the hidden content, please

• Sign In
• or
• Sign Up

last month.

Below, we break down the

This is the hidden content, please

• Sign In
• or
• Sign Up

on Palantir’s

This is the hidden content, please

• Sign In
• or
• Sign Up

and identify key price levels that investors may be watching out for.

Since breaking out from a multi-year

This is the hidden content, please

• Sign In
• or
• Sign Up

in August, Palantir shares have continued to trend sharply higher.

This is the hidden content, please

• Sign In
• or
• Sign Up

have supported the move higher, indicating buying participation from larger market participants.

The

This is the hidden content, please

• Sign In
• or
• Sign Up

confirms bullish momentum, though the indicator’s elevated reading above 80 cautions

This is the hidden content, please

• Sign In
• or
• Sign Up

conditions, which could lead to near term-price fluctuations.

Let’s apply

This is the hidden content, please

• Sign In
• or
• Sign Up

to project a longer-term bullish

This is the hidden content, please

• Sign In
• or
• Sign Up

, while also pointing out key

This is the hidden content, please

• Sign In
• or
• Sign Up

that may attract buying interest during retracements.

To forecast a potential bullish price target, investors can use the

This is the hidden content, please

• Sign In
• or
• Sign Up

, a chart-based technique that analyzes the cup and handle pattern to project a future move.

When applying the method to Palantir’s chart, we calculate the percentage change to the cup and handle’s “cup” and add it to the pattern’s top

This is the hidden content, please

• Sign In
• or
• Sign Up

value. For instance, we add a 383% increase to $29, which projects a target of $140.07, around 85% above Palantir’s closing price on Friday.

Story Continues

If

This is the hidden content, please

• Sign In
• or
• Sign Up

occurs, the stock initially could revisit support around $45, a location on the chart where investors may seek buying opportunities near a brief ******* of

This is the hidden content, please

• Sign In
• or
• Sign Up

in the stock during October.

Finally, selling below this level could trigger a fall into a

This is the hidden content, please

• Sign In
• or
• Sign Up

between $33 and $29. This area on the chart would likely attract buying interest near the cup and handle pattern’s top trendline and the upward sloping 50-week moving average.

The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our 

This is the hidden content, please

• Sign In
• or
• Sign Up

 for more info.

As of the date this article was written, the author does not own any of the above securities.

Read the original article on

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up

#Watch #Palantir #Price #Levels #Stocks #Nasdaq #Inclusion

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up